PCS Prepaid MasterCard®

Prepaid Financial Services were delighted to be selected
by Creacard SA as programme manager for the PCS Prepaid
MasterCard. The card launched in November 2010 and was one
of the first Instant Issue prepaid card in France. The card
is now sold in 20,000 retail locations and is established as
one of the market leaders in France.

Customers who wish to purchase the card do not need to
complete any time consuming documentation or undergo credit
checks. They can simply pick up a card in-store, retrieve
their PIN using a simple SMS command, load it with cash at
the counter and begin spending immediately, providing
cardholders with instant online spending capability.

The PCS MasterCard has seen rapid growth over the first
year. Originally aimed at the unbanked market, the card has
been widely adapted by young people, security conscious
online shoppers and businesses.

The programme has been instrumental in the emergence of
prepaid card products as a mainstream financial product for
the French public. The award-winning card features cutting
edge technological innovations and is widely seen to have
set the standard for products of this type.

Project Aims

Creacard SA wanted to deliver a product that was simple to
understand for the consumer, by providing loadable vouchers,
SMS notifications for loading and card to card money share.
At the same time the product needed to be attractive for
merchants to sell and easy to understand.

Key Project Criteria

To deliver a secure, convenient, easy-to-use, cost effective
product.

Provide the capacity to purchase, activate and load the card
in-store

Real-time cash loading at the merchant terminal

Voucher loading by SMS and online in multiple denominations

PIN by SMS

Capacity to share funds from card to card

Mobile banking fuctionality, including blocking the card from use, by SMS

Real-time reporting on loading volumes, card usage and available stock

E-wallet functionality for card loading

What PFS delivered for Creacard

Delivering a project of this complexity posed a diverse
range of challenges, which included brand positioning,
merchant integration, localization, pricing models, creation
of purpose built functionality, introduction of fraud
prevention methodology, supplier integrations and customer
service. These features all combine to determine whether a
programme is a success or a failure. The delivery of the
product was the culmination of an intensive period of
technical development in consultation with the various
stakeholders.

PFS liaised with the client, MasterCard®, the issuing bank
and local regulatory bodies to gain approval for the project

Providing a top-up capability was challenging but we found an
ideal solution by providing vouchers in various denominations
that could be purchased and then loaded to a card via a
pre-registered mobile phone or online. This technological leap
eliminated one of the biggest barriers for entry in a new market
such as France.

A customer can purchase two cards, send one card to another recipient and send
funds to the secondary card by SMS or online. This of course is dependent on
full KYC being provided and authenticated. PCS enables customers to easily
access funds and send funds internationally.

Summary

By entering into the French market, PFS has learnt many important lessons. You
need local partners, who understand the dynamics and requirements of the
domestic audience; you need to have multiple loading options (debit, credit
card, bank transfer, cash top up, voucher top up); you must provide value for
money and convenience. Our experience with the PCS Mastercard has proven that
there is a ready demand for an Instant Issue Simplified Due Diligence product
sold in retail. Now that we have launched this program, PFS sees multiple
opportunities with further local partners, including household brands and Mobile
operators. Being first into the market has provided some important lessons and
experience which PCS and PFS intend to capitalise on.